• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Life insuranace

Chart Check: Down over 20% from highs! This life insurer records a breakout from Inverse Head & Shoulder pattern

by Matthew Upton
June 6, 2022
in Life insuranace
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

[ad_1]

ICICI Prudential Life Insurance Company Ltd has fallen more than 20 per cent from its recent September 2021 highs putting the stock firmly in bear grip but a breakout from an Inverse Head & Shoulder pattern suggests upside.

Investors who are looking to put money in beaten-down names can keep ICICI Prudential on their radar for a potential short-term target of Rs 610-640 in the next 2 weeks, suggest experts.

The life insurance company with a market capitalisation of over Rs 78,000 cr fell from after hitting a 52-week high of Rs 724.50 to Rs 548 recorded on 3 June 2022.



The stock took support near its 200-DMA on the weekly charts and bounced back after hitting a low of Rs 430 on 7 March 2022.

The price action also suggests breakout from an Inverse Head & Shoulder pattern where one part of the shoulder was formed in December 2021, and the other shoulder was formed in May 2022.

An Inverse Head & Shoulder pattern is the mirror image of the Head and Shoulder pattern and is a bullish signal.

It is defined as three bottoms with the middle bottom significantly lower than the other two bottoms.
Also Read

ICICIPRULIAgencies

The stock also managed to climb above the short-term moving average of 20-DMAs recorded in May 2022 which is a positive sign for bulls.

Technically, the stock is trading above most of the crucial short-term moving averages such as 5, 10, 20, and 50-DMAs. But it is still trading below the 200-DMA placed at Rs 576.

After the sharp correction from the highs of Rs 724, ICICI Prudential took support near the Rs 430 mark (200-week SMA) and has bounced sharply from the same levels.

“In the current week, the stock has broken out of an Inverse Head & Shoulder pattern which indicates a trend reversal in the counter,” Malay Thakkar, Technical Research Associate, GEPL Capital, said.

The stock managed to sustain above the 20-week SMA (Rs 515) and breached above the previous swing high, hence negating the lower high lower low formation.

The RSI indicator on the weekly chart is also breaking out and has crossed the 50-mark indicating bullish momentum in the underlying.

“Based on the price action and technical parameters, we expect the stock to move higher towards Rs 610 followed by Rs 640 levels. Rs 515 level on the downside would act as major support for the counter,” recommends Thakkar.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)

[ad_2]

Source link

Previous Post

Which Health Insurance Company Is Best for You?

Next Post

I’m looking to use Buy Now Pay Later, will it affect my mortgage application?

Next Post
I’m looking to use Buy Now Pay Later, will it affect my mortgage application?

I'm looking to use Buy Now Pay Later, will it affect my mortgage application?

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Matthew Upton
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

Hingham DPW Workers Deserve Respect, Decent Wages and Affordable Health Insurance

by Matthew Upton
July 5, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Matthew Upton
May 26, 2022
0

Biden administration sued after fertility awareness methods cut from health coverage

by Matthew Upton
June 15, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.